Facebook (FB) warned that its ad load revenue growth will decelerate next year, but it has other 'levers' that it can 'optimize,' Piper Jaffray Managing Director Gene Munster said.

NEW YORK (TheStreet) -- Facebook (FB) can increase its ad load on other properties besides its main Facebook News Feed platform, Piper Jaffray Managing Director Gene Munster said on CNBC's "Closing Bell" on Thursday afternoon.

"This is a growth story and I think some investors have been a little bit shaken on the growth. We're still optimistic about the story because we think there's several levers that they can still optimize over the next several years," Munster said.

His comments come after the social media company said during its 2016 third quarter conference call on Wednesday that ad load revenue growth would slow in the second half of 2017. In addition, Facebook said that it expects 2017 to be an "aggressive" spending year.

The comments aren't that surprising because Facebook has given similar warnings in the last several quarters, Munster said. In other words, "the law of large numbers is catching up to them" as it seems to be coming to the limit of how many ads it can place on its main platform.

The other properties where Facebook can increase its ad load revenue growth include its photo-sharing app Instagram, its messaging app WhatsApp and its Facebook-connected messaging app Messenger, he said.

"So if you look at their four key properties, three of the four still have room to grow ad load," Munster pointed out.

The firm has a "buy" rating and $185 price target on the stock.

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